Equinox Gold Delivers Strong Q1 Financial Results; Scaling a Long-Life Canadian Gold Platform

Press Release

May 6, 2026

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its Q1 2026 financial and operating results. The Company’s unaudited condensed consolidated interim financial statements (“Financial Statements”) and related management’s discussion and analysis (“MD&A”) are available for download on the Company’s profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on the Company’s website at www.equinoxgold.com. All financial figures are in US dollars, unless otherwise indicated.

Darren Hall, CEO of Equinox Gold, commented: “Equinox Gold delivered a solid start to the year, producing 197,628 ounces (“oz”) of gold with cash costs and all-in sustaining costs of $1,633 and $1,950 per oz, respectively. Importantly, our two Canadian operations are ramping up well, with 87,402 oz produced from Canada during the quarter. Based on performance year-to-date and expected improvements through the balance of the year, the Company remains on track to achieve our full-year consolidated production and cost guidance.

“At Greenstone, winter mining rates averaged 180,248 tonnes per day (“tpd”) and mill throughput averaged 24,544 tpd during the quarter, with more than half of operating days exceeding nameplate capacity, demonstrating quarter on quarter improving performance. While mining productivities improved through Q1, volumes tracked slightly below plan due to severe winter conditions which affected mine sequencing, resulting in lower grades processed and production of 60,338 ounces of gold. As we move out of winter and mining productivity continues to advance, we expect to realign with the mine plan and see grades improve through the year.

“At Valentine, the team delivered a solid first full quarter of operations despite a severe winter in Newfoundland. The region experienced unusually challenging winter conditions during the quarter, which impacted mining rates and the timing of access to planned ore zones, resulting in production of 27,064 ounces of gold. Despite these conditions, the process plant performed well, averaging 6,192 tonnes per day, or 90% of nameplate capacity, for the quarter and exceeding nameplate capacity in both February and March, a testament to the team and quality of the plant.

“We are following up on new mineralization discovered at Valentine during our 2025 drill program while advancing plans for the Phase 2 expansion, which together are expected to drive higher production and extend the mine life.

“We advanced our pipeline of growth projects during the quarter, outlining plans for the Valentine Phase 2 expansion, advancing engineering and environmental studies for Castle Mountain, and continuing exploration, engineering and community dialogue at Los Filos. Collectively, these projects could add up to 500,000 ounces of annual production, delivering significant shareholder value.

“With strong cash flow from our operating mines and completion of the sale of our Brazil assets in January, we were able to repay $990 million of debt during the quarter, initiate a share buyback program and pay our inaugural quarterly dividend of $0.015 per share on March 26. Subsequent to quarter-end, following meaningful deleveraging and improved financial strength, we refinanced our revolving credit facility on improved terms, enhancing liquidity, flexibility, and our overall cost of capital. The Board also approved a second quarterly dividend of $0.015 per share, payable on June 5, 2026 to shareholders of record on May 21, 2026. Our focus is clear: delivering long-term shareholder value through operational excellence, disciplined capital allocation and successful delivery of our organic growth pipeline. We look forward to providing additional updates as the year unfolds.”

Q1 2026 Highlights

Produced 197,628 ounces of gold, including 60,338 oz from Greenstone, 27,064 oz from Valentine, 13,174 oz from Mesquite and 81,280 oz from Nicaragua, all of which were included in the Company’s 2026 guidance of 700,000 to 800,000 ounces, as well as 2,299 oz from Castle Mountain (collectively, “Continuing Operations”); produced 13,473 oz from the Brazil Operations, which were sold on January 23, 2026, and are presented as “Discontinued Operations” in the Company’s quarterly filings
Sold 199,217 ounces of gold from All Operations¹ at an average realized gold price of $4,604 per oz
Cash costs of $1,633 per oz and all-in sustaining costs (“AISC”) of $1,950 per oz for All Operations²
Cash flow from All Operations before changes in non-cash working capital of $341.0 million
Mine-site free cash flow from All Operations before changes in non-cash working capital of $408.9 million²
Revenue from Continuing Operations of $861.6 million
Adjusted EBITDA from All Operations of $527.2 million²
Income from mine operations from Continuing Operations of $438.8 million
Net income from All Operations of $310.1 million or $0.39 per share (basic)
Adjusted net income from All Operations of $234.0 million or $0.30 per share²
Completed the sale of the Aurizona, RDM and Bahia Complex mines in Brazil (“Brazil Operations”) for up to $1.015 billion
Extinguished and repaid $988.6 million of debt
Paid dividends to shareholders of $11.8 million ($0.015 per share) on March 26, 2026
Cash and equivalents (unrestricted) of $363.0 million at March 31, 2026
Net debt of $77 million (excluding convertible debentures)^2,3 and available liquidity of $923 million³ at April 30, 2026
Canadian production estimated at 543,000 ounces per year from 2026-2036 (see March 30, 2026 news release)
- Greenstone: Average 320,000 ounces per year from 2026-2036; opportunities for mine life extension and production growth from underground mineral resources, near-mine and regional deposits and mill throughput increase
- Valentine: Average 223,000 ounces per year from 2026-2036 with successful completion of Phase 2 expansion; opportunities for mine life extension from Frank Zone and future exploration success
Advanced pipeline of growth projects, which collectively could deliver up to 500,000 ounces of additional annual production
- Valentine Phase 2 expansion increases throughput from 2.5 Mtpa to 5 Mtpa; $414 million estimated initial capital cost for mill, infrastructure and fleet expansion, including 20% contingency, to be self funded through cash flow; construction targeted for H2 2026 following Board of Directors approval, with anticipated 24-month construction timeline
- Castle Mountain update studies ongoing; expect Federal Record of Decision during Q4 2026
- Los Filos exploration, engineering and continued dialogue with all stakeholders ongoing to evaluate restart and expansion opportunities
Reported year-end 2025 Mineral Reserve and Mineral Resource estimates: 19.0 million ounces of Proven & Probable Reserves, 19.1 million ounces of Measured & Indicated Resources (exclusive of Reserves) and 11.1 million ounces of Inferred Resources (see March 30, 2026 Annual Information Form for more details)
Resource expansion and discovery drilling continues across the portfolio
- Announced new high-grade Minotaur gold discovery at Valentine, 8 km north of the mill, and continued to identify consistent gold mineralization in the Frank Zone, along trend from existing Mineral Reserves